Savings rates and money market account rates have been stable this past week, no changes in average rates. The best savings rates and money market rates remained at or just above 1.00 percent for the past couple of months. We are seeing many banks increase deposit rates but their increases remain below the highest deposit rates that are currently available.

There won't be any big overall increase in deposit interest rates until the Federal Open Market Committee (FOMC) increases the federal funds rate. The FOMC released their October meeting minutes, showing that they are in no hurry to increase the rate anytime soon.

The nation's unemployment rate used to be the FOMC's focus for when an increase in the rate was needed but that has been replaced with the rate of inflation. The current sluggish pace of inflation won't force the Fed to increase their key benchmark interest rate until sometime in the summer or fall in 2015.

High inflation isn't a concern at all for the FOMC, in fact, deflation is still more of a concern. The FOMC's post-meeting statement said they still plan to hold the fed funds rate near zero for a “considerable time.” The rate has been near zero percent since December 2008 when it was decreased to that record low.

The zero percent fed funds rate dragged savings rates, money market rates, CD rates and mortgage rates down to record lows as well. As I stated, some banks have increased their deposit rates but we will have to wait until the 3rd or 4th quarter of 2015 to see rates much higher than current levels.

Listed below are the highest savings rates and money market rates this week: